Australian Dollar Talking Points AUD/USD appears to be stuck in narrow range ahead of the Reserve Bank of Australia (RBA) meeting on June 4, but fresh developments coming out of the central bank is likely to shake up the near-term outlook for the Aussie Dollar exchange rate amid bets for a 25bp rate-cut. Fundamental Forecast
Month: May 2019
The China Dail is reporting that top military officials from China and the US agreed to deepen exchanges and cooperation, manage risks and differences and make military-to-military relations a stabilizing factor in bilateral ties, a spokesman for the Ministry of Defense said on Friday.
Forex news for North American trade on May 31, 2019: Markets: Gold up $17 to $1305 WTI crude down $3.22 to $53.37 US 10-year yields down 8.4 bps to 2.13% S&P 500 down 37 points to 2752 JPY leads, CAD lags It got ugly in the bond market after Trump announced escalating tariffs on Mexico
Asiff Hirji to leave the largest US exchange Bitcoin has been on fire in the past two weeks but all wasn’t well at Coinbase. Chief Operating Officer and President Asiff Hirji decided to leave after just 18 months at the exchange. He joined Coinbase from Andreessen Horowitz, where he was a partner and after terms
Closing changes for the main US indexes: S&P 500 down 37 points to 2752 (-1.3%) Dow down 355 points to 24815 (-1.4%) Nasdaq -1.5% S&P 500 closes below 200-day moving average for first time since March 8 On the week: S&P 500 -2.5% DJIA -2.65% Nasdaq -2.3% On the month: S&P 500 6.6% DJIA 6.58%
Gold up $17 today In a world of uncertainty, gold shines ever-brighter. That’s certainly the case today with Trump announcing new tariffs and risk assets getting beaten up. Gold is up $17 to $1306. The rally breaks the May high of $1303 and means the precious metal will close the month at the highs. Gold
Price tumbles -$3.09 or -5.46% The price of crude oil is settling the day (and week) at $53.50. That is down -$3.09 or -5.46%. Last Friday, the close was at $57.91. That represents a -7.6% decline for the week. Ouch. Techncally, the contract, after trading above and below its 200 day MA for the
USDMXN is down -2.60% As stocks move back toward lows and the yields tumble, the USD is also getting hit. The dollar which was mixed at the start of the trading day, is lower vs all the major currencies with the exception of the CAD (the USD is stronger by 0.22%). Below is a snapshot
Tests the 1.0000 level The USDCHF is trading to new session lows. The low was 1.0007 reached on May 27. The low just reached 1.00005 (a smidgen above the parity level). On a break of the parity level, the next major targets on the daily chart come in at 0.99699 where the 38.2% of the
Analysts at the National Bank of Canada explained that a further deterioration of the global economy, and corresponding oil price slump, represent the biggest downside risk for the loonie. But if, as they expect, policymakers in the US and China realize the cost of their dangerous policies and step back from the brink, investor sentiment
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Bulls take more control The price of gold is up about $14 on the day and in the process has shifted the bias more to the upside technically. Looking at the daily chart below, the price today cracked above the 100 day MA at $1297.13. Now it was above that moving average earlier in the
Stocks down sharply on tariff concerns The US stock market is open and the major indices are down sharply on the back of the tariff fears (now Mexico and China). The lower opening has also gapped below the key 200 day MAs on the broader indices. The snapshot is showing: The S&P index is down
The April 2019 personal income and spending report: Prior was +1.6% (revised to +1.5%) PCE core m/m +0.2% vs +0.2% expected Prior m/m 0.0% (revised to +0.1%) Deflator +1.5% y/y vs +1.6% expected Prior deflator +1.5% y/y (revised to +1.4%) Deflator m/m+0.3% vs +0.3% expected Prior m/m +0.2% The tone is generally soft but not
• The global flight to safety provides a strong boost to the JPY’s safe-haven status. • The UK political/Brexit uncertainties do little to ease the prevailing bearish pressure. The safe-haven Japanese Yen remained well bid across the board and dragged the GBP/JPY cross to nearly five-month lows, with bearish eyeing a break below the
TALKING POINTS – EURUSD, ITALY GDP, GOVERNMENT FISSURING, SOVEREIGN BOND RISKS Euro anxiously waits for release of Italy GDP data Political infighting in Italian gov risks snap election Rome and Brussels dig in heels ahead budget talks See our free guide to learn how to use economic news in your trading strategy! ITALIAN GDP, ECONOMIC
The Japanese yen is the main beneficiary among the major currencies ForexLive Trump’s decision to slap tariffs on Mexico triggered a risk-off wave in markets as global trade tensions get escalated to a another level amid the lingering US-China trade dispute as well. That helped flows move into haven assets with the yen rising the
USD/JPY hits a session low of 109.00 now ForexLive It’s a slippery slope for USD/JPY if we see the 109.00 handle give way. Right now, the pair has already hit lows not seen since February as the lows today fall below the earlier May low @ 109.02. Currently, bids around 108.90-00 are helping to cushion
Japanese Finance Minister Aso is on the wires now, via Reuters, declining to comment on the US President Donald Trump’s new tariffs announcement on all imports from Mexico. Aso said: “I won’t comment on other countries’ policy.” There are no plans to discuss the U.S. currency report with Treasury Secretary Steven Mnuchin at the G20
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Trading the News: China Manufacturing Purchasing Manager Index (PMI) Updates to China’s Purchasing Managers Index (PMI) may keep AUD/USD under pressure ahead of the Reserve Bank of Australia (RBA) meeting on June 4 as the gauge is expected to indicate a contraction in manufacturing activity. A PMI reading below 50 warns of a potential slowdown
US Vice President Pence has been shuffled off to Ottawa. Comments: Says we have a crisis on our southern border with migrants from central America, trump determined to ask Mexico and Congress to do more says trump considering additional action to make it clear to Mexico it needs to do more says trump will take
The lap is complete for the pair The USDJPY just reached to the 100 hour MA at 109.474 and stalled. Modest buying against the targeted area (see earlier post outlining the target). The test also completed the up and down “lap” for the pair. Early in the session the price low stalled just ahead of the
GBP/USD overlooked highly charged over UK politics. GBP/USD testing trendline support, 1.2580. GBP/USD upside is limited to 38.2% Fibo retracement, meeting long-term trend line resistance at 1.3305. GBP/USD is on the brink of a technical breakout to the downside fulled by the higher possibility of a hard Brexit given the incumbent PM May’s recent resignation
Solid start for equities The S&P 500 is up 11 points to 2794 shortly after the open. The index briefly fell below the 200-day moving average yesterday but closed back above the late-March lows in a turnaround that has continued today. Trump is talking up a better tone on trade talks with China and that’s
Swings from top of the box to the bottom of the box The EURUSD is mired, confined and stuck in a 20 pip trading box today (and going into yesterday). The low comes in at 1.1123. The high at 1.1143. We just re-tested the lower extreme, but are seeing a modest bounce (everything is modest
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• The AUD/USD pair regained positive traction on Thursday and built on the overnight bounce from weekly lows, with bulls still awaiting a break through the 0.6935-40 resistance. • The mentioned region has been acting a key barrier over the past two weeks or so and should act as a key trigger for
Oil Price Talking Points Crude remains batter going into the end of May, with the price of oil slipping to a fresh monthly-low ($56.88) amid the ongoing trade dispute between the U.S. and China, the two largest consumers of oil. Oil Prices Remain Battered as Monthly Opening Range Cracks The current environment may keep oil
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